Funding requests & funding Limits

Information for agencies funding invoices with Sonovate and managing back-office themselves

What's the deadline to submit a funding request?

Weekday by 10am

Will Sonovate fund all my clients?

  • Sonovate assess each client against a set of criteria designed to protect all parties.
  • You will need to provide us the required information in the system (such as registered company information, contracts etc
  • Sonovate will refuse to fund a debtor if a client is unable to demonstrate that their financial situation is healthy.

How do my limits work?

In the Sonovate portal, you will see two types of limits; a Credit Limit and a Funding Limit. 

1: Credit Limit
The Credit Limit is the level of Bad Debt Protection that is offered by Sonovate - remember, you’ll get 90% protection against any bad debt (net of VAT)

2: Funding Limit
Even if we are unable to secure a credit limit we may offer a Funding Limit (the
amount above the credit limit is referred to as Unprotected debt in your T+Cs). Any
debt we fund above your credit limit will be on full recourse to you for any bad debt

How do I calculate the amount I should put in my limit requests?

In order to work out the limit for each client we recommend that you consider the amount of invoices you will be raising in a period, the terms of the invoice and build in at least 1 pay cycle of buffer. 

For example:

Tip!  If you’re in the process of securing business with a new client and want Sonovate to fund invoices, please supply details in advance so Sonovate can give you a timely response.

How fast do Sonovate respond to funding limit requests?

Sonovate will action your request within 24hrs.

Sometimes the consideration of funding and offering bad debt protection requires human underwriting and further review. In these circumstances we typically review these cases within 48 hours, but may require additional information, either from you or the client, such as: Up to date financial statements; Fresh credit investigation for new entities; or, Clarity on group structure and group financial performance and support. 

How do we view the funding status of our clients?

Managing funding status per client in your account is super simple.

  • Search for client name
  • Click into their record
  • View funding limit status

To view the funding limit status of all your clients, click the debtor page.

What happens if a funding limit is exceeded?

For peace of mind, your account will not let you exceed a funding limit. 

So, once you have reached the limit, no more invoices against that debtor will be accepted or showing as available for funding. 

At this point, and should you require more funding, you will need to send a funding request OR allocate receipts to invoices you've funded.

Tip! Sonovate recommends you monitor your limits to be able to increase the limits before they are exceeded.

Can a funding limit be withdrawn?

Yes, if your client’s circumstances change and they’re deemed to be at risk.

Any agreed and processed funding at that point will not be affected. 

However, future funding requests against this client may be rejected or only be agreed at an unprotected basis.